A new SME financing partnership has been announced by Network International (Network), the leading facilitator of digital commerce in the Middle East and Africa, and Biz2X®, a global technology and financing fintech in the U.S., India, and Australia that has funded over $10 billion USD through its digital lending platform.
The partnership’s main goal is to give Network’s SME merchants access to new funding sources by using payment transaction data and real-time credit information to loan underwriters. Using Network’s payments platform, merchants can choose from a range of integrated credit solutions through Biz2X and have digital access to financing choices.
Network’s SME merchants in the UAE should have access to financing solutions through this cooperation by the first quarter of 2024.
Quick Capital Access for Merchants: With loan processing times as short as 48 hours, this platform will give Network’s merchants quick access to financing choices.
Data-Driven Financing: The Biz2X platform prequalifies merchants for financing by utilising Network’s merchant transaction and settlement data, which drastically lowers documentation needs and speeds up approvals.
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Easy Onboarding Process: The integration of Biz2X’s lending solution within Network’s platform will make it easier for merchants to get loans quickly and easily.
Multi-Lender loan Ecosystem: Top offers from several lenders, such as banks and alternative loan providers, will be paired with merchants.
“This partnership with Biz2X is a part of our ongoing commitment to bring the greatest digital finance technology to the Middle East,” said Jamal Al Nassai, Group Managing Director, Acquiring, Middle East and North Africa at Network International. “We are proud to empower the SME merchants with financing opportunities so that the UAE market can continue to cultivate a thriving SME sector. The combination of our payments data with Biz2X’s digital underwriting prowess is a clear advantage to lenders and merchants alike,” added Jamal.
Flexible Repayment Options: The digital platform used to create the credit decision is also utilised to handle loan repayment. The platform also lets merchants select the payback plan that best fits their cash flow requirements by supporting a variety of repayment options, such as settlement advance, credit card splits, and repayment against receivables.
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End-to-End Loan Lifecycle Management: By providing real-time oversight and improving regulatory compliance, lenders may minimise risk exposure and enjoy continuous digital monitoring of their active loan portfolios.
“Our partnership with Network International fully leverages our expertise at delivering embedded financing options to merchants around the world,” said Rohit Arora, CEO of Biz2X. “Our mission is to expand SME access to capital by making financing accessible and efficient for business owners everywhere. This partnership promises to greatly expand SME access to credit in the UAE, where small businesses are rapidly growing.”
Banks and FinTechs will use Biz2X’s digital underwriting platform to set credit parameters and guidelines. Biz2X’s comprehensive data ecosystem will give these lenders detailed financial transaction data of each applying merchant to speed up credit assessments. Through automated credit decision-making, the technology helps lenders offer money quickly and accurately without human interaction.
About Network International
Network International has developed a business on long-term, trusted relationships with top Middle Eastern and African merchants, financial institutions, and payment networks. Its broad capabilities, scalability, local presence in our many markets, and trusted reputation underpin such collaborations.
About Biz2x
Biz2X, the top business lending platform, helps banks grow and streamline processing. Biz2X technology at scale powers end-to-end loan origination and management for lenders of all sizes, improving digital borrower experiences and lowering operational costs.
